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-increases debt, raises taxes and never balances. the top republican for budgetary issues blasted the democratic plan. >> now we know why senator reid did not want to bring up a budget. the plan from the democratic leadership is a failed plan for america. it does not alter the debt course of america, has no growth component to it. it spends more and taxes more. reporter: but these budget resolutions only require a simple majority so there are enough democrats to pass the democrats' budget resolution without republican votes needed. and so there you have republicans in the senate, all they can do is bash the plan. they cannot actually stop it. the house republicans are passing the paul ryan plan, and so then they'll go to conference and that where the heavy lifting will begin. >> shepard: the paul ripe plan has zero chance. >> it will pass the house and then they'll try to iron it out between the two plans. the paul ryan plan on its own would not be signed by president obama, would not pass the senate, burt it will pass the house. >> shepard: mike, thank you. meantime, something about our econo
of the newest senators go on the record voting for or against spending or higher taxes. the budget would be nonbinding so would act as guidelines for the u.s. government. but at the heart of the debate, how do you reduce the government's massive budget debt, and changes in taxes and spending. today the top democrat and the republican had their say. >> both sighs favor closing took loopholes that favor the wealthiest americans, and the senate thinks shouldsome revenue should be idea to tackle the deficit and invest in the middle class, not just simply cut tax rates for the rich. >> usually you can tax more and spend more and borrow more and that will somehow create growth and prosperity. i believe we have had four years of that experiment, which i fundamentally doubted and opposed from the beginning. and it hasn't worked. >> shepard: regardless of whether it's worked or hasn't, the insiders say the democratic budget will likely pass. mike emanuel is in washington. how has the vote been going and what's it like in there so far? reporter: we expect starting any moment they'll vote on a seri
the parliament rejected a bailout that would have taxed its own citizens' bank accounts. the banks are closed the rest of the week. >>> where are we with this situation? >> in a standstill when it comes to cyprus. the parliament is betting the european union and central bank will not cut them off for -- not going through with the plan to tax deposits. they have almost a week to negotiate. next tuesday is when the banks open up. in the back channels with russia on financial support, so it seems they're hoping they can find a stopgap. >> shepard: what i didn't understand was the real problem with this situation in spy russ is the russians, who have been laundering money, have stashed so much money in the banks, the banks are bigger than the economy in the country. so they could have taxed it at 13%. they have, like our federal deposit insurance company, they have guarantees up to 100,000 euros. why not tax problem kids and not every day folks. >> it could come to that. the vote that failed was above 20,000 euros. >> then you violate -- >> it gets the percentage a little bit high if you only res
. the government is changing their plan. instead of taxing at 6.75%, the will tax at 3%. >> shepard: this is a bank holiday in cyprus. they were going to open tomorrow. then they decided to wait until wednesday or thursday. now looks like friday. and along the way, there was a plan to tax large amounts of money at something close to 10%, and then every day folks at something less. that's the part you said they've taken down. >> that's the part they're concerned with. they know they're making the people who live there angry. if you woke up tomorrow and saw your account -- your mother's account was being impacted like this, you would be desperately unhappy. i can't imagine what kind of reaction we would get here in the u.s. >> the concern is that cyprus does this, you have problem in italy and spain. and then there's a run on their banks. >> you don't know the impact here. it's the rule of law. you're not supposed to take things that aren't you're, especially if you're the government. that's why you saw the market solidly negative. i don't know how there's control over this. we'll be watching but dee
and give you tax-free cash from the equity in your home. and here's the best part -- you still own your home. take control of your retirement today. ♪ ♪ >> shepard: looks like lawmakers succeeded in avoiding another self-destroying shutdown. we could go through the same process all over again in september. the senate approved the bill yesterday which now goes to president obama's desk and he is expected to sign it. that means the defense department will delay a decision to cut work hours and play for 800,000 pentagon employees. officials were set to deliver furlough notices as soon as as today, but today it's announced the officials will delay the furlough notices for two weeks while they analyze the new spending bill. >>> cops and colorado were trying to figure out who shot and killed the state's top corrections officer, right on his own front door step. it happened tuesday night, hours before the state's good signed some tough new gun control laws. happened in upscale neighborhood in the town of monument, between denver and colorado springs. the suspect, reportedly shot tom clemen
reacting to the deal where only the big money gets taxed? reporter: crazy stuff, shep. the president of cyprus was just on tv. he defended his actions and also asked the citizens of cyprus to stay calm. that could be difficult. they're grateful there in fact was a bailout put in place and bankruptcy was averted, but they're concerned about the high cost, not only that the banks shut down but a broader slowdown is feared, and the most worrying aspect of the deal, a seizure of private bank assets. it's true that the smaller depositors won't be touched, but when i talk to people in the streets, they're saying if the big guys can get hit. they will be hit next time. >> shepard: apparently not. the bank -- only the banks with big trouble are still shut town. when do they open? reporter: everything is closed down right now, shep. the word we're getting -- we had this confirmed -- many banks will open tomorrow. but there will be restrictions put in place. there is real fear of a run on those banks. and in fact they're already limits on atms if they have any cash, they can only come up with
Search Results 0 to 5 of about 6